Sensex ends choppy day 111 pts up; Mid-, small-cap indices hit record peaks

The BSE MidCap index touched a new record high level of 21,717 while the BSE SmallCap index hit 23,338

5:22 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 index level of 15100. Trading above 15100 is positive from a short-term perspective. Sustaining above 15100 levels, the market expect to gain momentum, that could lead to upside projection till 15350-15400 level. The momentum indicators like RSI, MACD start showing signs of a short-term extended market. However, any divergence signal is not observed, alerting any potential deep correction.

5:08 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices ended mildly higher in a volatile session on May 24. Nifty opened higher and soon sold off in the first hour of trade. Another attempt to rise was cut short around 1450 Hrs with Nifty making almost a double top in the same day.  At close, the Nifty was up 22.40 points or 0.15% at 15,197.70.

 

Volumes on the NSE were in line with recent averages. Among sectors, Power, Realty, Oil & Gas and Capital Goods were the main gainers while Telecom and Metals were the main losers. Midcap and smallcap indices rose more than the Nifty supported by positive advance decline ratio.

 

Nifty has closed mildly higher on May 24, forming a doji after a rise, suggesting indecision at higher levels even as the Nifty approached past resistance levels. Largecaps are finding it difficult to rise as a group while the broader market still keeps doing well. 15256-15108 is the band for the Nifty for the near term.

 

4:57 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

After a firm opening the market failed to gather momentum and closed with modest gains of 22.40 points to close at 15197,70. Ahead of the F&O expiry, the market usually moves in a narrow intra-day range. On Tuesday, we expect the market to remain volatile, as today the index has developed a Doji star formation. We can consider the Nifty 50 index to consolidate before heading towards 15400/15450 levels. Tomorrow, we expect the market to trade in a range of 15125 and 15275 levels, however, in the second half we would see a trending activity in the direction of a break-out of the given trading range. The focus should be on Auto, Reality and Infra stocks

4:48 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty remains up. Further consolidation or any weakness from here could be a buy on dips opportunity. A sustainable upside breakout of 15K mark and the positive chart pattern of higher tops and bottoms indicate a strength of upside in the market and one may expect upside bounce from the lower levels. Immediate support is placed at 15085.

4:38 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Due to a steady decline in fresh covid cases and hopes of the lockdown being lifted sooner has influenced the domestic market to extend its gains. Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid and small-cap stocks outperformed. On the global front, UK and US Manufacturing PMI data reported record-high numbers however investors are awaiting inflation data for guidance on monetary policy

4:23 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened the day with a small gap-up but showed profit booking and closed at 15197 with minimal gains & formed a small bearish candle on daily chart. Going forward, as the index has good support zone around 15,100-15,000, any dip around the said levels will act as a buying opportunity. Immediate resistance is placed at 15,250-15,330 zone where traders may see some profit-booking

4:08 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile in a range and ended marginally in the green amid mixed cues. After the initial uptick, the benchmark hovered in a range till the end while the movement on the broader front kept the participants busy. On the sectoral front, a mixed trend was seen, wherein FMCG, metals and consumer durables were the losers, while banks, capital goods, power and oil & gas were the top gainers. Among the benchmark indices, Nifty ended up by 0.2% at 15,198 levels. The broader markets outperformed and ended in a range of 0.7-9%.

 

Markets are likely to take cues from the last leg of earnings and scheduled F&O expiry. Besides, global cues and news related to COVID cases and vaccine drive will be closely monitored by the participants. We reiterate our bullish yet cautious stance and suggest keeping the focus on selection of sectors and stocks.

3:56 PM

MARKET COMMENT :: Narendra Solanki, Head- Equity Research (Fundamental) at Anand Rathi

Indian markets opened on a positive note tracking mostly positive Asian market cues but investors remained cautious over a resurgence in Covid-19 cases in some parts of the region as well as potential inflation pressures in the U.S. During the afternoon session markets pared some of their gains but continued to trade in positive terrain amid buying in blue chip stocks from across various sectors.

Traders also got solace as country’s daily COVID-19 cases stayed below the 300,000-mark for more than a week. Adding to optimism, RBI data showed the country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14. Meanwhile, the overseas investors withdrew Rs 4,444 crore from Indian markets in May so far amid concerns over the second wave of the coronavirus pandemic and its possible impact on the Indian economy

3:55 PM

BSE Snapshot :: M-cap of all BSE listed firms ends at Rs 219-trillion mark

3:54 PM

BSE Snapshot :: Top losers of the day

3:53 PM

BSE Snapshot :: Top gainers of the day

3:51 PM

SmallCap index ends near record high level of 23,338 hit in intra-day trade

3:49 PM

BSE MidCap index ends 0.8% up; here's how each constituent traded today

>> The index hit record high of 21,717 in the intra-day trade

3:46 PM

Financials, L&T, ITC help Sensex end higher on a volatile day

3:44 PM

Sectoral trends on the NSE

3:41 PM

Sensex Heatmap at Close

Top gainers: SBI, L&T, ITC

Top losers: IndusInd Bank, UltraTech Cement, Titan

3:34 PM

CLOSING BELL

Amid this global set up, the BSE barometer of 30-shares settled 111 points, or 0.2 per cent, higher at 50,652 levels while the broader Nifty50 index closed at 15,198 levels, up 22 points or 0.15 per cent. Both the indices hit intra-day highs of 50,857 and 15,256, respectively. 

3:29 PM

Commodity corner :: Yash Sawant, research associate at Angel Broking on Base Metals

Power curbs in China’s Yunnan province, a home to major Zinc smelters, forced smelters to trim production which dented demand for zinc concentrate inturn pushing Zinc TC’s higher.

 

The Spot Treatment charges (TC’s) for Zinc in top consumer China which hovered near $70 per tonne climbed to $95 a tonne last week (assessed by Asian Metal), increasing over 35 percent following low concentrate demand by Chinese smelters.

 

As per reports, the Yunnan province which also accounts for about one tenth of China's Aluminium output has directed the local metal producers to limit their electricity consumption in order to comply with China’s energy consumption targets for 2021 which might hamper their operational activities and raise severe supply threats.

 

However, Industrial metals continued to trade lower across borders in the early half of today’s session as China’s move to cap the rising Commodity prices remains the point of concern for Global investors. Chinese regulators have vowed to keep a check on their commodity market, increase scrutiny for both futures and spot markets and restrict irregularities and malicious speculation

3:18 PM

States to receive 4.8 mn Covid vaccine doses in next three days: Centre

More than 1.80 crore COVID-19 vaccine doses are still available with the states and UTs and they will receive over 48 lakh doses in the next three days, the Union Health Ministry said on Monday.

 

The Centre has so far provided, both through the free of cost category and through direct state procurement category, more than 21.80 crore vaccine doses to states and UTs. READ MORE

3:05 PM

BREAKING :: BSE m-cap hits $3 trillion-mark for the first time

3:04 PM

HEG surges 10%, nears 52-week high ahead of March quarter results

Shares of HEG edged higher by 10 per cent to Rs 2,398.65 on the BSE in intra-day trade on Monday ahead of the January-March quarter (Q4FY21) results later this week. The stock of graphite electrodes manufacturer was hovering close to its 52-week high levels of Rs 2,564 touched on April 9, 2021, in intra-day trade. At 02:42 pm, the stock was up 9.8 per cent at Rs 2,393 as compared to a 0.44 per cent gain in the S&P BSE Sensex. The trading volumes on the counter jumped over three-fold with a combined 1.1 million equity shares having changed hands on the NSE and BSE at the time of writing this report. READ MORE

2:57 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:53 PM

Global markets :: Dow Jones Futures gains around 150 pts

2:40 PM

Bata India, Escorts: Trading strategies for mid-cap losers of 2021

MidCap stocks have been on a roll in 2021 as cheap valuations attract investors towards the segment. The S&P BSE MidCap index hit a fresh record high of 21,717 in the intra-day deals today, surging 1 per cent on the BSE. In comparison, the benchmark S&P BSE Sensex was up 0.22 per cent at 1:50 PM. So far in CY21, the MidCap index has zoomed nearly 20 per cent at the bourses, as against a 5.8 per cent gain in the frontline 30-share index. READ MORE

2:38 PM

COMMODITY VIEW :: GOLD

Gold steadied near the highest level in more than four months amid weaker dollar and pullback in U.S. yields showing the investors increased optimism on the precious metal. The dollar stood near its lowest levels in three months; whereas U.S. 10 year yields were hovering near a week low. The Fed has kept their focus on attaining better job data, although now few fed officials have begun lowering expectations for May jobs growth in the U.S. as business hiring plans continue to outrun supply of people able or willing to work. Economic calendar is muted for the day, although focus will remain on the U.S. consumer confidence and GDP data scheduled later this week. Holdings of SPDR Gold, rose 0.6% to 1042.92 tonnes on Friday. Broader range on COMEX could be between $1865- 1900 and on the domestic front prices could hover in the range of Rs 48,400- 48,900.

-- Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

2:32 PM

SpiceJet gets relief on aircraft lease default case in British court

A UK court has asked Irish aircraft lessor Goshawk and Indian low cost airline SpiceJet to mutually mediate the payment despite recognising that the airline has defaulted on payment of lease. Goshawk and its trustees had sued SpiceJet for around $16.2 million, which they said SpiceJet has been unable to pay. In the summary judgement, the court despite ruling that Goshawk is right in claiming the amount, refused to take any action against SpiceJet on the grounds that forcing the airline to pay at this stage could result in the airline’s insolvency, which wouldn't be in Goshawk's interests. READ MORE

 

2:22 PM

Banks in India report loan fraud worth Rs 5 trn, SBI's amount largest

Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5% of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare.

 

The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021.

 

State Bank of India – the country’s largest lender – reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021. SBI is followed by Punjab National Bank (Rs 39,733 crore), Bank of India (Rs 32,224 crore), and Union Bank of India (Rs 29,572 crore). READ MORE

2:13 PM

Larsen & Toubro trades higher for third straight day, up 5% in a week

Shares of Larsen & Toubro (L&T) were trading higher for the third straight day, up nearly 3 per cent at Rs 1,458 on the BSE in intra-day trade on Monday. The stock of the engineering and construction giant has gained 5 per cent in the past one week as compared to a 2 per cent gain in the S&P BSE Sensex. It was quoting at its highest level since March 18, 2021. READ MORE

2:04 PM

NEWS ALERT | Canara Bank to consider fundraising on May 28

-- Fundraising via QIP/FPO/Rights Issue/Preferential Issue or any other mode

1:57 PM

European markets check

(Source: Reuters)